ComBank's CSR Trust presents 25 more schools

The Commercial Bank recently presented 25 more scholarships to needy undergraduates under its program to promote the creation of wealth by supporting the higher education of future generations.

This was the third such presentation of undergraduate scholarships by the country's benchmark private bank. In its first disbursement, the Bank presented 100 scholarships, and announced it would award 25 every year thereafter.

Selected undergraduates are entitled to receive Rs. 2,500 in scholarship money per month for ten academic months of every year that they study at the University, under this program launched by the Bank's Corporate Social Responsibility Trust. The Bank has to-date presented 150 scholarships to undergraduates.

The 25 undergraduates who received scholarships this year represented five faculties including the Management Faculty of the University of Colombo, Management and Medical faculties of the University of Jaffna and the Medical Faculties of the Universities of Peradeniya and Ruhuna.

Speaking at the presentation of the new scholarships B.R.L. Fernando Deputy Chairman of Commercial Bank said that as the leading private bank in the country and a good corporate citizen, Commercial Bank is committed to assist the education sector and has recognized undergraduates a special category that is vital to the country's future.

"University students are the base of the knowledge-based economy and it is that recognition that we have brought into focus in our scholarship programme," he said. They are expected to serve their country using their knowledge to take it to the next dimension. We are happy to assist them in this process through our scholarships."

Recipients of this year's scholarships too were identified with the assistance of the University Grants Commission (UGC). Being ineligible for Mahapola or any other scholarship programme, the number of attempts made at the GCE A/L examination, the number of school-going children in the family, parental income and the distance between the university and the student's home are some of the factors that are taken into consideration.

Speaking at the event, Chairman of the University Grants Commission Prof. Gamini Samaranayake said that Sri Lanka's Gross Enrolment Ratio for higher education is 21 per cent and is the highest in the South Asian region.

"This scholarship scheme is of particular importance to undergraduates who do not receive any other assistance," he said, adding that the Commercial Bank is performing a great service by presenting these scholarships annually.

The Commercial Bank also has a reward scheme for deserving younger students. All holders of Arunalu minors accounts who excel the year 5 scholarship examination every year are given valuable cash prizes. Since its inception more than 1,200 cash awards totalling Rs 8.73 million have been presented to such students.

The Commercial Bank's CSR Trust was established for the purpose of fostering projects focused on education, child welfare, rehabilitation of irrigation systems and community services. The Trust commenced with a start up capital of Rs. 25 million and the Bank contributes up to one per cent of its post tax profits every year towards it.

Recent CSR initiatives by the Trust includes building homes for the Tsunami affected, assisting Children's Homes, donating equipment and essentials to the Colombo National Hospital, refurbishing the Dental Clinic of Deniyaya Base Hospital, setting up a High Dependency Unit for Ward No. 17 of the Matara General Hospital, repairing the path-way to Sri Pada, upgrading the Udawela Kumara Primary School, building two IT laboratories in Udawela and at the Galle Prison, and contributing to buy essential items for internally displaced people in the North.